Aberdeen, Hong Kong, Hong Kong. June 1, 2020. – A cryptocurrency platform based in Hong Kong has announced a raft of products and services for the blockchain community. Miny.cc, a cryptocurrency wallet platform is offering joint pool mining, a safe cryptocurrency wallet, and a few other avenues that its users can take advantage of to earn passive income.

The joint mining pools is Miny.cc’s innovation that makes it possible for crypto enthusiasts to benefit from cryptocurrency mining without necessarily investing the colossal sums that such undertaking demands. Besides, the platform has a native token, MINY, which is deflationary. Platform users that buy and hold on to the coin get to earn when its value rises over time.

The Challenges Of Mining Bitcoin

The process of uncovering crypto coins from the network and bringing them into circulation is well-programmed. But, it is time-consuming and demands elaborate and sophisticated machines. Most people that desire to mine crypto cannot do so because of the cost of these sophisticated machines.

Aside from the cost of mining paraphernalia, associated expenses such as power tariffs and related taxes also conspire to raise the capital of mining Bitcoin and other cryptocurrencies. An environment that has cheaper electricity and bearable taxes provides two of the three critical conditions for profitable mining.

What Is The Rationale?

After its launch in 2009, Bitcoin gained popularity quickly among the online tech community. The reasons for the coin’s burgeoning popularity include its ability to facilitate faster, cheap transactions without the need for an intermediary. Since the Bitcoin network does not have a central administrator, the role of maintaining the network lies with the community of users. By verifying transactions and helping the add blocks of these transactions into the every-growing chain in a process called mining, these users ensure than the network operates as it should.

For their service to the network, these users are compensated by block rewards. At the inception of Bitcoin, block rewards were generous. Incidentally, mining was also less complicated. Meaning, people who engaged in the activity back then took home really handsome pay. The tools required for the activity were also basic. However, as Bitcoin became more popular and as the number of Bitcoin already mined increased, the complexity of mining Bitcoin increased.

The tools required to mine Bitcoin have also gotten a lot more sophisticated. Engaging in profitable Bitcoin mining means that you have to invest in expensive machines with elaborate computational capabilities. Miny.cc is aware of this challenge and has fleshed out a joint pool mining solution for anyone that wants to earn from mining. The platform has other services and products; these as well as the key provision are highlighted here below.

Joint Mining Pools

The joint Bitcoin mining pools at Miny.cc bring together several rigs and their computational power. In doing so, the platform increases the chances of profitability in its Bitcoin mining operations. Miny.cc mines several cryptocurrencies. The diversity is deliberate since it enables the platform to shirt from one coin to another depending on the profitability of mining the chosen coin.

The proceeds from the mining venture are distributed to the platform users depending on the amount that they hold as balances. The larger the balance a user has on the platform, the larger the returns.

Use of Artificial Intelligence at Miny.cc

The platform constituted an IT team that has developed a mining algorithm. Using the algorithm, Miny.cc can monitor the current trends and use that data to predict future conditions. The program helps the platform to improve profitability.

Secure Wallet

The platform offers a secure cryptocurrency wallet as a default setting. Anyone that creates an account on Miny.cc will get a wallet that secures stores LTC, BTC, ETH, and MINY tokens.

How To Earn On The Miny.Cc Platform

The features highlighted here above provide various benefits to the platform’s users. These advantages are available to you if you:

Subscribe to the Joint Mining Pools

Joining the mining pools is straightforward; create an account, fund and activate it and you are good to go. The earnings, which are given proportionately depending on the amount a user holds in the platform, can be as high as 19% of the said balance per month.

Invite Users Via the Affiliate Program

Miny.cc is giving users a chance to earn even more. By inviting prospects in among your contacts, you stand to earn commissions down to the 20th line. Users should note that the referral commissions are only payable if the referred prospects, create, fund, and activate their accounts.

More information about the platform and its products and services is available on the website. Do also check out the whitepaper. However, if you have questions then feel free to contact the customer support desk through the email address: info@miny.cc or post the same on the platform’s official Telegram channel: https://t.me/minycc.

This is a paid-for submitted press release. WaheedCh.com does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. Waheedch.com urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Bitcoin halving is often referred as “Halvening”, it’s a formulated reduction in the reward coins offered to the miners using a predefined blockchain algorithm.

Bitcoin halvings take place once in every four – 4 years approximately, or for every 210,000 block transactions.

The process of halvening started in the year 2012, approximately after 4 years of invention of bitcoin i.e 2008, but practically bitcoins came into play in the year 2009.

After the first bitcoin halving, the block reward of 50 bitcoins per transaction were reduced to 25 bitcoins per block or transaction, later this reward was further reduced to 12.5 and will now fall to 6.25 after halvening in 2020.

The main idea of halvening is to create scarcity for the coins and to control inflation, as bitcoins issuance is limited to 21 million coins as per the idea of Satoshi Nakamoto, inventor of Bitcoin.

The production of 21 million bitcoins involves 32 halvenings, we are now done with two halvenings and this might continue till or come to an end in the year 2140.

To know the overview of Bitcoin Halving (Just in minutes), checkout the following infographic developed by Abishai James at WinBTC.net.

Before we get into the Bitcoin Halving Guide, we have a Funny Meme Here –

Before & After Bitcoin Halving

Why is Bitcoin halving done?

Bitcoin halving has always been one of the most notorious concepts of the crypto world as this will lead to the less number of bitcoin production per transaction or block.

Satoshi Nakamoto, the inventor of bitcoin always wanted bitcoin to be the rarest and precious of electrical or crypto currency ever, limiting its production to 21 million coins.

Bitcoin halving is done every 4 years or for every 210,000 block transactions to reduce 50% of production of bitcoins per block as issuance or production of bitcoins is limited to 21 million to prevent inflation and to create scarcity leading to increase in demand for the bitcoins.

How does Bitcoin Halving work?

Halvening works on an underlying predefined blockchain algorithm. According to this algorithm, the bitcoin production per block is reduced to 50% for every 210,000 block size.

Each transaction is considered as a block and as soon as the block count reaches 210,000 halving takes place, this might approximately take 4 years.

When is the next Bitcoin Halving?

Bitcoin Halving 2020:As there have been two halvenings, the next one is going to be somewhere in the month of May 2020 when the block size hits 630,000 transactions. Halvening 2024 will happen when the block height reaches to 840,000, and the block reward becomes 3.125 BTC.

Did Bitcoin Halving happen before?

Yes, Halvening dates history of occurrences. As of now, there have been two halvings.

First Bitcoin Halving : Bitcoin’s block size or subsidy was reduced from 50 Bitcoins per block to 25 Bitcoins per block on November 28, 2012.

The First bitcoin halving took place when the block size or the number of transactions hit 210,000.

Second Bitcoin Halving : Bitcoin’s block size or subsidy was reduced from 25 Bitcoins per block to 12.5 Bitcoins per block on July 9, 2016.

Does Bitcoin Halving have an impact on BTC price?

This might not surely show any positive impact on the price of the bitcoin, we get to know this by observing price changes during the previous bitcoin halving dates.

Halving even has a bright side helping in increase in demand for bitcoins, people will be lured to buy bitcoins on the note of reduced production due to halving.

Halvening Price Prediction – Bitcoin price might increase if the demand increases or remains the same according to supply – demand rule.

How will the Bitcoin miners be affected by Bitcoin Halving?

Miners and traders are the ones highly affected by the halvening. Mining a single bitcoin might cost around 3000$ to 6000$ based on the equipment and electricity used or consumed as mining requires a lot of energy to perform computations on computers.

There is a high competition in the market and if the bitcoin reward reduces, basic or naive miners might quit their job as they won’t be profited anymore.

There are many such miners who have already stopped mining and many are about to, as the reward after halving of 2020 will be completely reduced to 6.25 coins which is very less for the hard work involved by miners.

Once all the 21 million bitcoins are mined, miners will no longer be rewarded with bitcoins. Instead, they start charging transaction fees to the users for providing a secure network for the process.

How many Bitcoin Halvings will occur?

According to the blockchain algorithm introduced by Satoshi Nakamoto, there will be 32 bitcoin halvings only. We have already dealt with 2 halvenings so there are 30 to come.

This halvenings might continue till 2140, by this time all the bitcoins will be mined and the production will come to an end.

What will happen when 21 Million bitcoins are mined?

After the 21 million bitcoins are generated or mined or produced Bitcoin will be hard capped i.e bitcoin production will be freezed. As the ICO – Initial Coin Offering amount for bitcoins was done for 21 million coins.

And further no new bitcoins will enter the market but the circulation of the existing coins might take place.

Bitcoin Halving FAQ

Q : Is Bitcoin Forking and Bitcoin Halving similar?

A : No, Bitcoin Forking is not the same as bitcoin halving. Forks occur when a group in the bitcoin community decides to upgrade the performance of token’s software but halving occurs without any involvement of community members.

Q : What is the block size for bitcoin halving?

A : For the bitcoin halving, the block size should hit 210,000.

Q : Will bitcoins be more than 21 million?

A : No there won’t be more than 21 million coins as bitcoin will be hard capped at 21 million coins.

Q : When will all 21 million coins be mined?

A : As per the Satoshis algorithm all the bitcoins will be mined by 2140, but more than 98% of the bitcoins will be mined by 2030.

Q : Is Bitcoin Halving necessary?

A : Yes, as Halvening is the only way to control the supply. This prevents inflation of the coins.

Q : How will the bitcoin miners gain money after 21 million coins are mined?

A : Once the block subsidy expires, miners will gain income by charging transaction fees for securing the block network.

Q : What is the approximate block generation time?

A : Approximate block generation time is 10 minutes.

Q : When is bitcoin hard capped?

A : Bitcoin is hard capped after production of 21 million coins.

Q : Will all the 21 million bitcoins mined?

A : According to the blockchain formula Bitcoin count will never reach to exact 21 million coins as the count will only reach 20,999,999.9796 coins.

Q : When will 2024 halving take place?

A : The halving in 2024 will take place as soon as the block size hits 840,000 it might even take place in 2023.

Just a week ago, Google removed 49 Chrome extensions imitating MEW, Ledger, Trezor, and other popular cryptocurrency wallets. Phishing attempts are on the rise, and in this stressful time, it’s also easy to make an irreversible mistake losing your crypto whether you’re new to crypto or an experienced hodler.

Whether you're moving funds to pay rent or panic buying BTC and ETH to hedge the markets, the last thing you need during a financial crisis is to lose your crypto. Since 2017, our support team has talked to thousands of crypto holders.

Here are some of the most common ways crypto is lost or stolen and how you can avoid it.

With crypto freedom, comes crypto responsibility.

When you own crypto—you become your own bank. While this is empowering because you have complete control and sole anonymous access to your assets, it’s also a heavy responsibility because, if you lose your crypto, there’s no way to recover your funds. You might be asking yourself,

If a hacker gets my funds, why can’t you just get my crypto back?

Blockchain is maintained in a decentralized fashion so that each user has complete control and sole anonymous access to their assets. There is no way to reverse or refund transactions, nor can MEW, or any wallet you might use, trace the IP address of a phisher or determine ownership of any wallet address.

So what does this mean for you? It means you need to be careful any time you access or move your funds. Do it when you can concentrate, and avoid doing it during an emotional or stressful time like this Reddit user who lost their XRP to a Chrome phishing extension that asked for her hardware wallet seed phrase.

99% of the mistakes that will lose your funds are preventable with “good hygiene”. Just like the safety steps we’re all taking for COVID-19, you can protect yourself from the biggest mistakes and scams in crypto. Nearly all cases of lost crypto that we've seen through hundreds of support interactions could have been prevented through more awareness of good security practices.Here’s what you need to know to avoid these pitfalls.

#1: Never share your private key.

Giving a hacker access to your private key is like turning over all your banking information to a criminal, except it’s irreversible, harder to trace back, and doesn’t come with FDIC insurance. Though you would never knowingly hand over personal data, never ever give your private key, mnemonic phrase (also known as recovery or seed phrase), or Keystore files.

This means don’t enter them directly into a website or give them to a fake ‘support’ representative via messages, emails, and phone calls. Where there is money, there will always be people looking to steal it, and crypto is no exception. The support teams at reputable crypto companies will never ask you for your key, even while helping you resolve issues.

#2: Be wary of Chrome Extensions, Plugins, Giveaways, and “helpers” offering to help you swap other coins to ETH or BTC.

These types of hacks have been on the rise since the economic uncertainty around COVID began. Additional traps to look out for: Giveaways that sound too good to be true, often on Twitter. Any statement like “send us ETH and get double ETH back” or the “give us your private key to get free tokens dropped to your address” is targeted at newcomers, don’t fall for it.

Additionally, watch out for scammers in your DMs on sites like Twitter, Instagram, and Telegram. Common scams include impersonating a famous crypto personality to get your private information or offering to help you unload tokens into Bitcoin.

There is no way to reverse or refund transactions if you make a mistake. So be super careful, even send a really small test amount first if you’re nervous because once it’s gone, it’s gone. This is an easy mistake to make, as each Ethereum address is 42 characters long and just one wrong letter results in a completely different wallet.

Bottom line: Take your time being very careful with address entry, use a trusted QR code, or assign a blockchain domain name like .crypto or .eth to your wallet to avoid panic sends to the wrong address.

#4: Use a hardware wallet as well.

While mobile and browser-based wallets offer convenience and in MEW’s case, access to DApps, DeFi lending, and the Ethereum ecosystem, hardware wallets like Ledger and Trezor are a great option for larger amounts and long-term storage.

New smartphone-based secure enclave wallets keep your information secure within the smartphone's local storage function similarly to a hardware wallet.

Pandemic or not, phishing tactics are rampant and constantly evolving. While it’s hard to keep track of all the different ways hackers are out there trying to steal your funds, your vigilance and knowledge on key safety and security will keep you safer out there.

Germany has plunged into a recession with the worst quarterly contraction since the global financial and economic crisis of 2008, according to official data. Over 100 banks in the country are now charging customers negative interest rates.

Germany Enters Recession

The German economy is now in a recession according to data released Friday by the country’s Federal Statistical Office, Statistisches Bundesamt. The authority announced:

THE CORONA PANDEMIC HITS THE GERMAN ECONOMY HARD … [Q1’S CONTRACTION] WAS THE LARGEST DECREASE SINCE THE GLOBAL FINANCIAL AND ECONOMIC CRISIS OF 2008/2009 AND THE SECOND-LARGEST DECREASE SINCE GERMAN UNIFICATION.

“A larger quarter-on-quarter decline was recorded only for the 1st quarter of 2009 (-4.7%),” Statistisches Bundesamt confirmed. The Federal Statistical Office reports to the Federal Ministry of the Interior. Europe’s biggest economy shrank 2.2% in the first three months of the year. The eurozone economy fell by its sharpest rate on record at 3.8% in the first quarter.

The figures for the final three months of 2019 were revised to show a contraction of 0.1%, which means Germany’s GDP growth has been negative for two successive quarters, the technical definition of a recession.

Economists, including those at Deutsche Bank, expect a worse slump in the second quarter as the full effects of the lockdown become apparent. Chancellor Angela Merkel has warned that if the coronavirus’ transmission rate worsens, Germany could return to the lockdown measures.

Over 100 Banks Charging Negative Interest Rates

Throughout the recession and the covid-19 crisis, the number of banks charging negative interest rates in Germany has been climbing rapidly. In April, news.Bitcoin.com reported that 80 banks were passing on the burden of negative interest rates to some of their customers. At the time of this writing, that number has grown to more than 100 banks.

Examples of banks charging negative interest rates in Germany. News.Bitcoin.com has provided an expanded list of banks charging negative rates in the country here. Source: Verivox

The German consumer comparison portal Verivox has examined about 800 banks in Germany and found that well over 100 banks are now charging negative interest rates. The portal divides them into three categories.

Among banks charging negative interest rates, 94 of them have published their rates online or on their account price sheets. Ten more banks are charging fees on overnight deposit accounts which are usually free, therefore creating de facto negative interest rates on these accounts. In addition, the consumer portal noted that based on media reports, 22 other banks are charging negative interest rates but they have yet to publish their rates online. Moreover, each bank has its own rules of what accounts are charged negative interest rates.

What do you think about the economic situation in Germany? Let us know in the comments section below.

BitGo is now providing its custody services to India's largest cryptocurrency exchange by trading volume, CoinDCX.

Announced Thursday, BitGo began storing cryptocurrencies held by CoinDCX last week with the aim of ensuring the assets are kept "safe and secure." The custodial services extend to deposits at the exchange's lending arm, DCXLend.

Custodied funds are protected in the event of an exchange hack or theft by BitGo's $100 million insurance coverage, the companies said. The policy is provided by a syndicate of insurers within the centuries-old insurance marketplace Lloyd's of London.

CoinDCX will utilize the custodian's omnibus, or mixed, and segregated hot and cold wallets with two-factor authentication across all accounts.

"CoinDCX has taken yet another stride in consolidating our position as a trusted and secure brand. With the custodial services of BitGo, we want to make cryptocurrency utilization in India, safe and secure,” Sumit Gupta, CEO and co-founder of CoinDCX, said in the announcement.

According to BitGo CEO Mike Belshe on stage at CoinDesk Invest: N.Y. last year, the custodian processed at the time more than 20 percent of bitcoin transactions, meaning a sizable share of all on-chain transaction pass through its services.

Alongside a recent Supreme Court order overturning the Indian central bank's ban on banking services for crypto firms, CoinDCX said it saw an increase in trading volumes by up to 47% in the first quarter of 2020, while user signups were up 10-fold.

Weeks after the ban lifted, CoinDCX raised $3 million in a Series A round that was joined by investment firms Bain Capital and Polychain Capital, as well as BitMEX-owner HDR Global Trading.

With the local crypto industry now open again, investors and major exchanges have been eyeing moves into India. Billionaire venture capitalist Tim Draper said India was now entering a crypto "renaissance" and that he was seeking suitable investments in the nation.

And trading platforms such as Binance and Kraken have both indicated they would expand into the potentially huge market. Binance and its local exchange subsidiary WazirX launched a $50 million blockchain fund to boost local startups less than two weeks after the Supreme Court decision.

“With the recent uptick in trading volumes on Indian exchanges, the need of the hour is for professionalization in the form of fund security in the crypto market,” said Pete Najarian, chief revenue officer, BitGo. “As the custodian of CoinDCX, BitGo will provide their users with added value and assurance when investing in cryptocurrencies.”